The H Group Blog

Investment and Financial Planning news from some of the best in the business.

Tax Freedom Day 2017

Tax Freedom Day 2017

Ron Kelemen - Tuesday, April 18, 2017

Taxes are on everyone's mind this time of year, now that most of us have filed our taxes—or at least extensions. Just how much taxes do we pay, and how long do we have to work each year to pay them? According to The Tax Foundation, Tax Freedom day falls on April 23 in 2017, 113 days into the year. The Foundation also calculates that:

  • Americans will pay $3.5 trillion in federal taxes and $1.6 trillion in state and local taxes, for a total bill of more than $5.1 trillion, or 31 percent of the nation's income.
  • Americans will collectively spend more on taxes in 2017 than they will on food, clothing, and housing combined.
  • If you include annual federal borrowing, which represents future taxes owed, Tax Freedom Day would occur 14 days later, on May 7.

Tax Freedom Day varies by State. In Oregon, it is April 24, #37. Washington is April 27, #40. California is May 1, #46. Mississippi is April 1, #1 in the US.

TFD 2017 Chart

TFD 2017 Chart

Trackback Link
http://www.thehgroup.com/BlogRetrieve.aspx?BlogID=17607&PostID=1494917&A=Trackback
Trackbacks
Post has no trackbacks.




Captcha Image

Archive


Recent Posts